When Top-Down Meets Bottom-Up: Legislative Signals and Online Crowdfunding

References

• Ahlers GK, Cumming D, Günther C, Schweizer D (2015) Signaling in equity crowdfunding. Entrepreneurship Theory Practice 39(4):955–980.Crossref, Google Scholar
• Andreoni J (1990) Impure altruism and donations to public goods: A theory of warm-glow giving. Econom. J. 100(401):464–477.Crossref, Google Scholar
• Arrow KJ (1973) Information and Economic Behavior, vol. 28 (Federation of Swedish Industries, Stockholm).Crossref, Google Scholar
• Augenblick JG, Myers JL, Anderson AB (1997) Equity and adequacy in school funding. Future Child 7(3):63–78.Crossref, Google Scholar
• Baker BD (2021) Educational Inequality and School Finance: Why Money Matters for America’s Students (Harvard Education Press, Cambridge, MA).Google Scholar
• Bekkers R, Wiepking P (2011) A literature review of empirical studies of philanthropy: Eight mechanisms that drive charitable giving. Nonprofit Voluntary Sector Quart. 40(5):924–973.Crossref, Google Scholar
• Buchanan JM (1950) Federalism and fiscal equity. Amer. Econom. Rev. 40(4):583–599.Google Scholar
• Burtch G, Chan J (2019) Investigating the relationship between medical crowdfunding and personal bankruptcy in the United States: Evidence of a digital divide. MIS Quart. 43(1):237–262.Crossref, Google Scholar
• Burtch G, Ghose A, Wattal S (2013) An empirical examination of the antecedents and consequences of contribution patterns in crowd-funded markets. Inform. Systems Res. 24(3):499–519.Link, Google Scholar
• Burtch G, Ghose A, Wattal S (2014) Cultural differences and geography as determinants of online prosocial lending. MIS Quart. 38(3):773–794.Crossref, Google Scholar
• Burtch G, Ghose A, Wattal S (2015) The hidden cost of accommodating crowdfunder privacy preferences: A randomized field experiment. Management Sci. 61(5):949–962.Link, Google Scholar
• Chen DL, Horton JJ (2016) Research note: Are online labor markets spot markets for tasks? A field experiment on the behavioral response to wage cuts. Inform. Systems Res. 27(2):403–423.Link, Google Scholar
• Cornelius PB, Gokpinar B (2020) The role of customer investor involvement in crowdfunding success. Management Sci. 66(1):452–472.Link, Google Scholar
• Cunningham S (2021) Causal Inference: The Mixtape (Yale University Press, New Haven, CT).Crossref, Google Scholar
• Cybenko G, Brewington B (1998) The foundations of information push and pull. Cybenko G, O’Leary DP, Rissanen J, eds. The Mathematics of Information Coding, Extraction and Distribution (Springer, New York), 9–30.Google Scholar
• Dahlberg L (2005) Interaction between voluntary and statutory social service provision in Sweden: A matter of welfare pluralism, substitution or complementarity? Soc. Policy Admin. 39(7):740–763.Crossref, Google Scholar
• de Wit A, Bekkers R (2016) Government support and charitable donations: A meta-analysis of the crowding-out hypothesis. J. Public Administration Res. Theory 27(2):301–319.Google Scholar
• Dekker P, Halman L (2003) The Values of Volunteering: Cross-Vultural Perspectives (Springer, New York).Crossref, Google Scholar
• Dobrescu L, Motta A, Shanker A (2024) The power of knowing a woman is in charge: Lessons from a randomized experiment. Management Sci. 70(12):8217–8244.Link, Google Scholar
• Eftekhari S, Yaraghi N, Gopal RD, Ramesh R (2023) Impact of health information exchange adoption on referral patterns. Management Sci. 69(3):1615–1638.Link, Google Scholar
• Egalite AJ, Fusarelli LD, Fusarelli BC (2017) Will decentralization affect educational inequity? The every student succeeds act. Ed. Admin. Quart. 53(5):757–781.Crossref, Google Scholar
• Exley CL (2020) Using charity performance metrics as an excuse not to give. Management Sci. 66(2):553–563.Link, Google Scholar
• Farrie D, Johnson M (2015) Newark Public Schools: Budget Impacts of Underfunding and Rapid Charter Growth (Education Law Center, Pittsburgh).Google Scholar
• Freidman T (2005) The World Is Flat (Farrar, Straus and Giroux, New York).Google Scholar
• Frey BS, Jegen R (2001) Motivation crowding theory. J. Econom. Surveys 15(5):589–611.Crossref, Google Scholar
• Freyaldenhoven S, Hansen C, Pérez JP, Shapiro JM (2021) Visualization, identification, and estimation in the linear panel event-study design. Technical report, National Bureau of Economic Research, Cambridge, MA.Google Scholar
• Galak J, Small D, Stephen AT (2011) Microfinance decision making: A field study of prosocial lending. J. Marketing Res. 48:S130–S137.Crossref, Google Scholar
• Gao Q, Lin M, Wu D (2021) Education crowdfunding and student performance: An empirical study. Inform. Systems Res. 32(1):53–71.Link, Google Scholar
• Gefen D, Carmel E (2008) Is the world really flat? A look at offshoring at an online programming marketplace. MIS Quart. 32(2):367–384.Crossref, Google Scholar
• Geva H, Barzilay O, Oestreicher-Singer G (2019) A potato salad with a lemon twist: Using a supply-side shock to study the impact of opportunistic behavior on crowdfunding platforms. MIS Quart. 43(4):1227–1248.Crossref, Google Scholar
• Goodman-Bacon A (2021) Difference-in-differences with variation in treatment timing. J. Econometrics 225(2):254–277.Crossref, Google Scholar
• Handy F (2000) How we beg: The analysis of direct mail appeals. Nonprofit Voluntary Sector Quart. 29(3):439–454.Crossref, Google Scholar
• He VF, Tröbinger M, Murray A (2024) The crowd beyond funders: An integrative review of and research agenda for crowdfunding. Annals 18(1):348–394.Crossref, Google Scholar
• Hess FM, Eden M (2021) The Every Student Succeeds Act (ESSA): What It Means for Schools, Systems, and States (Harvard Education Press, Cambridge, MA).Google Scholar
• Hong Y, Hu Y, Burtch G (2018) Embeddedness, pro-sociality, and social influence: Evidence from online crowdfunding. MIS Quart. 42(4):1211–1224.Crossref, Google Scholar
• Horne CS, Johnson JL, Van Slyke DM (2005) Do charitable donors know enough–and care enough–about government subsidies to affect private giving to nonprofit organizations? Nonprofit Voluntary Sector Quart. 34(1):136–149.Crossref, Google Scholar
• Jacob B (2017) The changing federal role in school accountability. J. Policy Anal. Management 36(2):469–477.Crossref, Google Scholar
• Janney JJ, Folta TB (2003) Signaling through private equity placements and its impact on the valuation of biotechnology firms. J. Bus. Venturing 18(3):361–380.Crossref, Google Scholar
• Janney JJ, Folta TB (2006) Moderating effects of investor experience on the signaling value of private equity placements. J. Bus. Venturing 21(1):27–44.Crossref, Google Scholar
• Jiang F, Qian Y, Yonker SE (2019) Hometown biased acquisitions. J. Financial Quant. Anal. 54(5):2017–2051.Crossref, Google Scholar
• Jiang Y, Ho YC, Yan X, Tan Y (2022) What’s in a “username”? The effect of perceived anonymity on herding in crowdfunding. Inform. Systems Res. 33(1):1–17.Link, Google Scholar
• Kahneman D, Tversky A (2013) Prospect theory: An analysis of decision under risk. MacLean LC, Ziemba WT, eds. Handbook of the Fundamentals of Financial Fecision Faking: Part I (World Scientific, Singapore), 99–127.Crossref, Google Scholar
• Keppler SM, Li J, Wu D (2022) Crowdfunding the front lines: An empirical study of teacher-driven school improvement. Management Sci. 68(12):8809–8828.Link, Google Scholar
• Kessler JB, Milkman KL (2018) Identity in charitable giving. Management Sci. 64(2):845–859.Link, Google Scholar
• Kim K, Viswanathan S (2019) The “experts” in the crowd: The role of experienced investors in a crowdfunding market. MIS Quart. 43(2):347–372.Crossref, Google Scholar
• Kim K, Park J, Pan Y, Zhang K, Zhang X (2022) Risk disclosure in crowdfunding. Inform. Systems Res. 33(3):1023–1041.Link, Google Scholar
• Lai S, Teo M (2008) Home-biased analysts in emerging markets. J. Financial Quant. Anal. 43(3):685–716.Crossref, Google Scholar
• Lergetporer P, Schwerdt G, Werner K, Woessmann L (2016) Information and preferences for public spending: Evidence from representative survey experiments. Working paper, CESifo (Center for Economic Studies and Ifo Institute), Munich, Germany.Google Scholar
• Lin M, Viswanathan S (2016) Home bias in online investments: An empirical study of an online crowdfunding market. Management Sci. 62(5):1393–1414.Link, Google Scholar
• Lin YK, Rai A, Yang Y (2022) Information control for creator brand management in subscription-based crowdfunding. Inform. Systems Res. 33(3):846–866.Link, Google Scholar
• Majchrzak A, Malhotra A (2016) Effect of knowledge-sharing trajectories on innovative outcomes in temporary online crowds. Inform. Systems Res. 27(4):685–703.Link, Google Scholar
• McGuinn P (2016) From no child left behind to the every student succeeds act: Federalism and the education legacy of the Obama administration. Publius 46(3):392–415.Crossref, Google Scholar
• Meer J (2014) Effects of the price of charitable giving: Evidence from an online crowdfunding platform. J. Econom. Behav. Organ. 103:113–124.Crossref, Google Scholar
• Mollick E (2014) The dynamics of crowdfunding: An exploratory study. J. Bus. Venturing 29(1):1–16.Crossref, Google Scholar
• Nian T, Sundararajan A (2022) Social media marketing, quality signaling, and the goldilocks principle. Inform. Systems Res. 33(2):540–556.Link, Google Scholar
• Nyborg K, Rege M (2003) Does public policy crowd out private contributions to public goods. Public Choice 115(3):397–418.Crossref, Google Scholar
• Ottonello P, Winberry T (2020) Financial heterogeneity and the investment channel of monetary policy. Econometrica 88(6):2473–2502.Crossref, Google Scholar
• Park NK, Mezias JM (2005) Before and after the technology sector crash: The effect of environmental munificence on stock market response to alliances of e-commerce firms. Strategic Management J. 26(11):987–1007.Crossref, Google Scholar
• Parvin AJ, Beruvides MG (2021) Macro patterns and trends of US consumer technological innovation diffusion rates. Systems 9(1):16.Crossref, Google Scholar
• Pavlou PA, Liang H, Xue Y (2007) Understanding and mitigating uncertainty in online exchange relationships: A principal-agent perspective. MIS Quart. 31(1):105–136.Crossref, Google Scholar
• Prodi E, Ghinoi S, Rubini L, Silvestri F (2023) Do informal institutions matter for the economic resilience of European regions? A study of the post-2008 shock. Econom. Politics 40(1):189–223.Crossref, Google Scholar
• Qiu C (2013) Issues in crowdfunding: Theoretical and empirical investigation on Kickstarter. Working paper, University of Cambridge, Cambridge, UK.Google Scholar
• Roberts RD (1987) Financing public goods. J. Political Econom. 95(2):420–437.Crossref, Google Scholar
• Sabzehzar A, Burtch G, Hong Y, Raghu T (2023) Putting religious bias in context: How offline and online contexts shape religious bias in online prosocial lending. MIS Quart. 47(1):33–62.Crossref, Google Scholar
• Salamon LM, Toepler S (2015) Government–nonprofit cooperation: Anomaly or necessity? Voluntas 26:2155–2177.Crossref, Google Scholar
• Seamans R, Zhu F (2014) Responses to entry in multi-sided markets: The impact of craigslist on local newspapers. Management Sci. 60(2):476–493.Link, Google Scholar
• Shackleton S, Campbell B, Wollenberg E, Edmunds D (2002) Devolution and community-based natural resource management: Creating space for local people to participate and benefit. National Resource Perspectives 76(1):1–6.Google Scholar
• Shah KK, Sussex J, Hernandez-Villafuerte K (2015) Government and charity funding of cancer research: Public preferences and choices. Health Res. Policy Systems 13:1–14.Google Scholar
• Shi L, Viswanathan S (2023) Optional verification and signaling in online matching markets: Evidence from a randomized field experiment. Inform. Systems Res. 34(4):1603–1621.Link, Google Scholar
• Simon HA (1990) Bounded rationality. Eatwell J, Milgate M, Newman P, eds. Utility and Probability (The New Palgrave, Palgrave Macmillan, London), 15–18.Google Scholar
• Song Y, Li Z, Sahoo N (2022) Matching returning donors to projects on philanthropic crowdfunding platforms. Management Sci. 68(1):355–375.Link, Google Scholar
• Statalist (2019) Forum post by Clyde Schechter. (April 18), https://www.statalist.org/forums/forum/general-stata-discussion/general/1440510-high-dimensional-fixed-effects-firm-quarter-and-year-quarter.Google Scholar
• Tankard ME, Paluck EL (2016) Norm perception as a vehicle for social change. Soc. Issues Policy Rev. 10(1):181–211.Crossref, Google Scholar
• Wagner C, Wheeler L (1969) Model, need, and cost effects in helping behavior. J. Personality Soc. Psych. 12(2):111.Crossref, Google Scholar
• Walker T (2019) Teacher spending on school supplies: A state-by-state breakdown. Nea Today (August 26), http://neatoday.org/2019/08/26/teachers-spending-on-school-supplies.Google Scholar
• Wall Street Journal (2015) No child left behind’s successor. Wall Street Journal (November 29), https://www.wsj.com/articles/no-child-left-behinds-successor-1448838727.Google Scholar
• Wallis KF (1972) Testing for fourth order autocorrelation in quarterly regression equations. Econometrica 40(4):617–636.Crossref, Google Scholar
• Warr PG (1983) The private provision of a public good is independent of the distribution of income. Econom. Lett. 13(2–3):207–211.Crossref, Google Scholar
• Wash R, Solomon J (2014) Coordinating donors on crowdfunding websites. Proc. 17th ACM Conf. Comput. Supported Cooperative Work Social Comput. (Association for Computing Machinery, New York), 38–48.Google Scholar
• Weinmann M, Mishra A (2019) The effect of social distance in donation-based crowdfunding. ICIS 2019 Proc. (Association for Information Systems, Atlanta), 15.Google Scholar
• Weisbrod BA (1978) Public Interest Law (University of California Press, Berkeley, CA).Crossref, Google Scholar
• Wells JD, Parboteeah V, Valacich JS (2011) Online impulse buying: Understanding the interplay between consumer impulsiveness and website quality. J. Assoc. Inform. Systems 12(1):3.Google Scholar
• Xiao S, Yue Q (2021) The role you play, the life you have: Donor retention in online charitable crowdfunding platform. Decision Support Systems 140:113427.Crossref, Google Scholar
• Yang L, Wang Z, Hahn J (2020) Scarcity strategy in crowdfunding: An empirical exploration of reward limits. Inform. Systems Res. 31(4):1107–1131.Link, Google Scholar
• Younkin P, Kuppuswamy V (2018) The colorblind crowd? Founder race and performance in crowdfunding. Management Sci. 64(7):3269–3287.Link, Google Scholar
• Zhang K, Wang Q, Qiu L, Wang N (2024) Unveiling the cost of free: How an ad-sponsored model affects serialized digital content creation. Inform. Systems Res. 0(0).Google Scholar
• Zheng J, Wang Y, Tan Y (2023) Platform refund insurance or being cast out: Quantifying the signaling effect of refund options in the online service marketplace. Inform. Systems Res. 34(3):910–934.Link, Google Scholar